Starting your own business can be exciting and rewarding. It is critically important, however, to understand all of your tax and recordkeeping obligations. Use this guide to help you make sure you are ready for tax season.
One of the first things you will need to do is decide what type of business you will establish. Each carries its own legal and tax requirements. For detailed information on the types of business taxes to which you may be subject, see http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Business-Taxes.